The lowdown this week...
- Reddit user creates Telegram-based bot that forecasts crypto prices
- Google invests 1 billion in crypto-focused companies
- Australia's leading gas station chain now accepts crypto in 170 locations
- Seoul police seize crypto for unpaid traffic fines
Reddit user builds bot that predicts crypto prices
One Reddit user decided to harness their programming skills to build a bot that predicts crypto prices! The user goes by the name "xk4rimx" and published a post about it on Reddit detailing crypto prices. Additionally, they attached a video to the post that showcased Crypto Predictor Bot, commenting that "the bot is hosted on a premium Heroku dyno, and uses the Firebase database.” The Heroku Dynos are building blocks that power every app built on Heroku, a cloud platform-as-a-service (PaaS). As crypto trading continues to grow, more bots are emerging online. Reddit users are stepping up to contribute, with many tools widely accessible at their fingertips.
Order in The Court!
Seoul police seize crypto from citizens' exchange accounts for traffic fines
Local police in Gunpo, a suburb of South Korea - collect unpaid traffic fines in crypto from violators. This city was chosen by the national government to execute this unique pilot program since 2022, and have thus far collected total fines of $668,000 - putting them on target to reach their goal of chasing $759,000 in traffic fines by 2023.
The Seoul police concluded in a trial that the recent excess of delinquent fines was only about $759 by an individual subject to crypto seizures by the police. The Korean crypto market is lucrative for law enforcement officials, and they won't turn a blind eye to digital assets. Recently, the Korean Financial Intelligence Unit reported 16 unregistered crypto service providers to the investigative authority for operating illegally. The crackdown on traffic fines and unregistered crypto exchanges solidify the persistent anti-crypto stance in South Korea.
Talk of The Town
Blockchain companies receive a 1.5 billion contribution from Google
One report from Google's parent company, Alphabet - reveals that the company has been an active investor in the crypto ecosystem. Many other large names in the corporate and legacy financial sector have invested over $6 billion in digital assets since 2021. The reports weren't able to pinpoint the exact amount of money invested by these corporations, but they were able to look at the total funding amounts from the rounds they participated in.
Of the 40 companies reviewed, it was revealed that Alphabet invested in Dapper Labs, Vultage, Digital Currency Group, and Fireblocks. Furthermore, large companies are securing their stake in crypto by cross-investing in various sectors. Samsung is one major example, migrating to the crypto space with their special interest in NFTs. Digital assets are quickly becoming the center of attention for multiple marketplaces and mega companies worldwide.
Australians can now purchase fuel using crypto
It's a g'day in Australia, now that over 170 different gas stations now accept crypto for payment! On the Run (OTR) is powered by Crypto.com, and has enabled this exchange in the hopes of increasing crypto accessibility in Victoria, South Australia, and Western Australian locations.
“Our latest research shows that 55% of merchants and consumers want to transact in crypto, and this innovation within OTR stores is bringing these ambitions to life and ensuring that Australia is at the forefront of crypto payments evolution.”
Karl Mohan, Crypto.com’s General Manager for Asia & the Pacific
Mohan stated that the demand for crypto continues to skyrocket, and must be met. Zero fees are charged on transactions, but costs for the merchant on the other side will be taken into consideration. One chairman from the Australian Securities and Investments Commission (ASIC) stated a great need to regulate the growing crypto sector, and that the commission is already planning ways to develop their own regulatory framework.
Food for thought:
- Do you think that Google will one day control the crypto space?
- What are the potential risks of a crypto bot that can predict prices?
- Do you think paying in crypto in exchange for gas is a cleaner alternative than paying in fiat?
- Will South Korea ever approve of crypto adoption? Yes/no?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.